GSE Environmental (US), Tencate Geosynthetics (US), Maccaferri S.P.A. (Italy), ABG Ltd. (UK), and Thrace Group (Greece) are the leading players in the geocomposites market
Geocomposites are planer sheets made up of a combination of one or more different geosynthetic products. These composites are available in various types such as geotextile–geonet, geotextile-geocore, geotextile-geogrid, and geotextile-geomembrane among others. Geocomposites offer various functions such as drainage and containment among others. The geocomposites market size is projected to reach USD 740.0 million by 2023 at a CAGR of 11.8% between 2018 and 2023.
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The major players operating in the geocomposites market include GSE Environmental (US), Tencate Geosynthetics (US), Maccaferri S.P.A. (Italy), SKAPS Industries (US), ABG Ltd. (UK), Hans Geo Components (US), Huesker Synthetics GmbH (Germany), and Thrace Group (Greece). These companies have a strong presence in the geocomposites market and are making efforts to improve their business strategies and product portfolios.
Thrace Group is one of the premium companies in the geocomposites market. The company designs, manufactures, and distributes geocomposites products, globally. It offers geocomposites products through its technical fabrics business segment. The company has operations in 11 countries and sales network in more than 80 countries. Approximately 58% of its production and 17% of sales is done in Greece and the rest in all other countries.
GSE Environmental is another major company in the geocomposites market. The company has a broad product portfolio and strong distribution network across the globe, which helps it to provide better service to customers and maintain strong brand image in the geocomposites market.
Growing infrastructure with supportive government policies to drive the growth of the geocomposites market
Geocomposites are used in various applications such as roads, railroads, landfills, and water management applications among others. The increasing awareness about geocomposites and rising demand from developing economies to enhance the performance of applications are expected to lead the demand for geocomposites. The geocomposites market size is projected to reach USD 740.0 million by 2023, at a CAGR of 11.8% from 2018.
The geocomposites market in the APAC region is projected to grow at the highest CAGR, in terms of value, during the forecast period. The growth of the APAC geocomposites market can be attributed to the increasing demand for geocomposites from the road & highway and water & wastewater management applications in this region.
Based on product type, the geotextile-geocore segment of the geocomposites market accounted for the largest market share, in terms of value. This large market share can be attributed to the better material properties and time savings offered by the geotextile-geocore geocomposites.
Geocomposites used in the drainage function dominate the geocomposites market, and are projected to grow at the highest CAGR during the forecast period, in terms of value. The increase in the use of geocomposites in drainage function can be attributed to their enhanced drainage properties, cost effectivity, and durability.
The road & highway segment of the geocomposites market accounts for the largest share, in terms of value. The segment is leading due to the increasing road & highway construction across the globe, particularly in the developing economies such as India, China, and Brazil.